Barrick weighs US relocation, says CEO Bristow
Moving to the US could secure Barrick a spot in the S&P 500 index, as reported by The Globe and Mail.
Barrick CEO Mark Bristow. (Image courtesy of Future Mineral TV.)
Toronto-headquartered Barrick Gold (NYSE: GOLD; TSX: ABX) is considering relocating its corporate domicile from Canada to the United States, CEO Mark Bristow told The Globe and Mail.
According to Bristow, moving south could result in a more efficient marketplace and attract a broader base of investors.
The relocation could also position Barrick for inclusion in the S&P 500 index, which would trigger automatic purchases from numerous mutual funds and exchange-traded funds that track the index.
Currently, Colorado-based Newmont Corp. is the only gold mining company in the S&P 500.
Presence in US and Canada
The Nevada Gold Mines joint venture — 61.5% owned by Barrick and 38.5% by Newmont (TSX: NGT; NYSE, ASX: NEM) — is the company’s largest operation, and the world’s biggest gold-producing complex. It is expected to produce between 1.54 and 1.7 million oz. of attributable gold this year, accounting for nearly half of Barrick’s total output.
Barrick is also developing the Goldrush project in Nevada, which is anticipated to produce over 400,000 oz. per year by 2028. In addition, the company owns the Fourmile gold project in the state.
In Canada, Barrick runs the Hemlo mine in Ontario, which has produced more than 21 million oz. of gold and has been in continuous operation for over 30 years. The mine’s 2025 attributable production forecast is between 140,000 and 160,000 oz.
Bristow told The Globe and Mail that a second Trump administration could facilitate the move to the United States under its “America First” agenda.
Relocating to the US is a “complex, costly, and time-consuming process” due to intricate tax regulations. One faster alternative would be acquiring a major US company, but according to Bristow, there are currently few attractive acquisition targets.
Since taking over as Barrick’s CEO, Bristow has significantly reduced headcount at its Toronto headquarters, cutting staff from 130 to 65. The company also shifted its corporate domicile to British Columbia.
Currently, Bristow resides in Mauritius. Meanwhile, Barrick chairman John Thornton, who joined the company in 2012, lives in Palm Beach, Florida.
keep me in the loop.
Move to the US, and every subsidy, grant or any financial benefit needs to be paid back to Canadian Taxpayers + 45% interest. Any mineral rights granted in Canada must be forfeited.
Canada First.
Where does it say that under Canadian law? Anywhere at all?
Lol. 45% interest? With dumbos like you it is best Trump doesn’t add Canada as another state to USofA. Who needs citizens who know nothing about anything?
Update me on new opportunities
You move. We take the mining rights 😉
What a True Canadian!
Years and years of Canadian taxpayers as well as Canadian capital markets getting this company to where it is today and this is the thanks. Disgusting and sad.
Barrick runs under 200,000 oz in Canada. There is no benefit to stay in Canada.
Amend corporate law. Chairman, CEO, executive members of the board of directors of Canadian corporation must be Canadian, domicile Canada. Penalties for moving the corporation to the US.
Canada First
Great updates
Keep me updated need to find out if Barrick is in Zambia
Barrick good company in the world of mining
If you move Barrick you are a traitor
Now to the Oligarchs you jerk